The Nigerian Senate has stepped in to investigate the growing wave of Ponzi schemes that continue to wreck the lives and savings of ordinary Nigerians. This move comes in the wake of the collapse of Crypto Bullion Exchange (CBEX), a so-called digital investment platform that has reportedly swindled investors of over ₦1.3 trillion.

The motion, sponsored by Senator Adetokunbo Abiru (Lagos East), struck a chord during plenary as lawmakers recalled how similar fraudulent schemes like MMM Nigeria (2016) and MBA Forex (2020) left scars on millions of families. CBEX, the latest in a string of scams, lured thousands with promises of quick, high returns on digital assets. For many, it was hope. For others, it was their last resort. Today, it’s heartbreak.

Senators took turns sharing stories of victims, some now battling depression, others unable to provide for their families. In some tragic cases, the emotional toll has led to suicide. What began as an opportunity to escape poverty has become a national crisis.

The Senate expressed deep disappointment that a platform as large and visible as CBEX operated freely for months, without any clear intervention from agencies like the Securities and Exchange Commission (SEC), Central Bank of Nigeria (CBN), Nigerian Financial Intelligence Unit (NFIU), or even the EFCC.

“Where were the regulators when our people were getting scammed in broad daylight?” one senator asked pointedly.

To address the matter, the Senate has set up a joint committee bringing together experts from the Banking, Capital Market, Cybersecurity, and National Security committees—to investigate the CBEX case and the broader trend of financial scams across Nigeria. A public hearing will be held in the coming weeks, and findings are expected to be submitted within a month.

For many Nigerians, this is more than an investigation—it’s a call for justice, accountability, and a plea to protect people’s hard-earned money from deceptive platforms that thrive on desperation.

As one victim put it, “We didn’t ask for millions; we just wanted a better life. Now, we’re left with nothing.”